International Private Banking Systems (IPBS), the specialist provider of wealth management software for the private banking sector, today announced that Stocks and Securities Limited (SSL), a leading Jamaican brokerage firm, has transformed its business operations and lowered operational risk by implementing the IPBS system.
SSL has also made significant improvements to its reporting capabilities and range of services offered to clients whilst enhancing its competitiveness in today's market.
SSL previously relied on legacy systems for wealth management and back office accounting. As a fast growing company it has a rapidly expanding customer base that demands more sophisticated reporting. In order to achieve this and maintain SSL's competitive edge, investment in a flexible and proven private banking and wealth management system was required. An assessment of best of breed software led the broker to choose the modular IPBS system.
Mark Croskery, President and CEO, Stocks and Securities Limited commented, "The IPBS system has enabled us to modernise our systems and reduce operational risk. We have shortened end of month processing times, enhanced our client offerings with the provision of detailed and timely statement information. IPBS has also given us the capability in the future to allow clients to log on via our website which will enable real-time access."
As IPBS is an integrated system, it eliminates instances where data has to be manually entered into multiple systems, reducing risk, making the process of reconciliation more straightforward and facilitating an increase in straight-through processing (STP). The system allows SSL to offer its clients more powerful value added reporting such as statements of accounts and portfolio valuations "on demand". Additionally, it has enabled SSL to improve internal financial management processes and analyse its business more effectively, for example the Audit and Finance committee now has better visibility over assets and liabilities.
Croskery concluded, "We have worked closely with the IPBS team to specify and build significant enhancements to meet the unique needs of the Jamaican market, such as managing our core product, repurchase agreements. In the process we have transformed our business, directly improdirectly improved our competitiveness, we are saving time and maximizing the skills and expertise of our resources in areas which deliver more value to our business. I would definitely recommend the IPBS system to companies looking for a modern and flexible private banking and wealth management system."
Bruce Raine, Founder and President of IPBS added, "SSL has a strong reputation as an innovative broker with a clear focus on providing excellent levels of customer service. By implementing the IPBS system, SSL has established a solid technology platform to support future business growth. The recent enhancements that we have made to the IPBS system ensure that it is capable of managing the complex tax requirements of the Jamaican market, which is a tremendous benefit for our users."
Traditionally, IPBS has only been implemented in tax free jurisdictions. It was important to develop this aspect of the IPBS system to not only manage and report on withholding tax, but also to manage other Value Added Taxes such as the Jamaican General Consumption Tax. As there are more taxed jurisdictions than there are non-taxed the potential market for the IPBS system has expanded enormously. Panama has recently enacted a Value Added Tax on all financial transactions and IPBS clients will be able to upgrade to use these new features. Barbados is another taxed jurisdiction where IPBS clients will also benefit from these enhancements.